“The price of oil could increase by 30-40 lek per liter” - Association: Price increase of 20 lek/liter within 2 days. Why is the safety reserve not activated?
The crisis created by tensions in the Middle East is expected to be immediately reflected in the Albanian fuel market, where representatives of the Hydrocarbons Association warn of an increase of 20 lek per liter within 2 days. They also predict a maximum increase of up to 30–40 lek per liter in the coming days, but add that these prices will be provisional, depending on the progress of the conflict.
The oil market in Albania depends entirely on imports, while predictions for an increase of up to 30-40 lek per liter are based not only on the closure of the Strait of Hormuz, through which almost 20% of the world's oil passes, but also on the attacks on Saudi Arabian refineries, leading to increased import costs and uncertainty for international supplies.
Meanwhile, representatives of the association also explain the reasons why the price increase is reflected immediately and is not related to the safety reserve. According to them, the increase occurs every day in wholesale prices and it is precisely this amount that comes to the market, which makes it immediately applied to retail prices. The same representatives say that the deposits are located in free economic zones and are protected on the stock exchange. "The deposits are physical and not in foreign currency. Their activation at this moment could also lead to the bankruptcy of companies," - say representatives of the association.
The legislation in force stipulates that the safety reserve serves to cover the needs of national consumption in periods of crisis and extraordinary situations within the territory of the country. The law also specifies that oil refineries and wholesale companies of oil, natural gas and their by-products are obliged to maintain safety reserves, equal to 30 days of average sales, an amount that is calculated based on the data and actual results of the previous year's activity.
Meanwhile, Albania is currently in the process of approximation with EU standards, but the draft released for consultation several times has not yet been approved. The draft law establishes rules for the gradual creation of a security reserve, with a target of at least 90 days of net imports or 61 days of domestic consumption, as well as a financing scheme where the main part will be covered by a dedicated tariff on hydrocarbon products.
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